How We Got Here

Key Milestones on the way to Jan. 1, 2002

Updated Jan. 2, 2002 11:59 p.m. ET

1940: First mention of a European central bank, when Hitler's economics ministry draws up detailed plans for a "Bank of Europe."

1950: French statesmen Jean Monnet and Robert Schuman propose the establishment of the European Coal and Steel Community as a way of anchoring Germany to the rest of Europe. The Benelux states, Germany, France and Italy sign the treaty forming the Community in 1951.